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Exam 2 Vocabulary - Chapter 10 Nature Terminology Bilateral...

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Chapter 10: Nature & Terminology Bilateral contract  – a type of contract that arises when a promise is given in exchange for a return promise. Contract  – an agreement that can be enforced in court; formed by two or more parties, each of whom agrees to  perform or to refrain from performing some act now or in the future. Executed contract  – a contract that has been completely performed by both parties. Executory contract  – a contract that has not as yet been fully performed. Express contract  – a contract in which the terms of the agreement are fully and explicitly stated in words, oral or  written. Formal contract  – a contract that by law requires a specific form, such as being executed under seal, to be  valid. Implied-in-fact contract  – a contract formed in whole or in part from the conduct of the parties. Informal contract  – a contract that does not require a specified form or formality in order to be valid Objective theory of contracts  – a theory under which the intent to form a contract will be judged by outward,  objective facts as interpreted by a reasonable person, rather than by the party’s own secret subjective  intentions Offeree  – a person to whom an offer is made Offeror  – a person who makes the offer Promisee  -  a person to whom a promise is made Promisor  – a person who makes a promise Quantum meruit  –literally as much as he deserves – an expression describing the extent of liability on a  contract implied in law. An equitable doctrine based on the concept that one who benefits from another’s labor  and materials should not be unjustly enriched thereby but should be required to pay a reasonable amount for  the benefits received even absent a contract Quasi contract  – a fictional contract imposed on parties by a court in the interests of fairness and justice;  usually quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of another Unenforceable contract  – a valid contract rendered unenforceable by some statute or law Unilateral contract  – a contract that results when an offer can only be accepted by the offeree’s performance Valid contract  – a contract that results when elements necessary for contract formation  are present Void contract
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